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Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

Lisa Marie claimed that she is massively in debt to the tune of $16million amid divorce from Michael Lockwood.

However her former flame believes that she is lying about what she owes.

According to a Friday report from TMZ, the 56-year-old guitarist believes that 50-year-old Lisa Marie's math is incorrect.

The site said that Lockwood said that his estranged wife claimed to be making $104,000 a month in 2016 while also claiming to owe the IRS $1.67million.

He points out that would mean she owes more than she made in income in that year.

The documents also state that she may have had an error in crunching the numbers when it came to the estate she owns in England which she previously claimed that she is way behind in mortgage payments for.

Lockwood said it is still worth something, however, Presley left it out of her previous calculations.

TMZ also reports that he is keeping up with his demand that she pay for his lawyer fees which total $450,000.

TMZ reported last week that the 5daughter of Elvis Presley is drowning in debt to the tune of $16million.

The discovery was made as the publication obtained divorce documents which detailed her financial deficit.

According to the documents most of Presley's debt is from unpaid taxes from 2012 to 2015 which totals more than $10million.

TMZ also reports that she has a house in the UK which she has been trying to sell because she is defaulted in the mortgage.

The legal filing states that because of this that is another $6million owed.

The former wife of Michael Jackson stated that the rest of the debt comes from credit cards and unpaid lawyer fees.

This has all been brought to light as her estranged husband Michael Lockwood, 56, is demanding that she pay $450K for his attorney fees which she is claiming not to have.

Last month TMZ reported that Lisa Marie, who is the only daughter of Elvis Presley, earns $4.2 million each year, which is about $350,000 per month.

Lisa Marie filed for divorce in June 2016 after 10 years of marriage.

They tied the knot in January 2006 in Kyoto, Japan; the former flames are parents to fraternal twin girls: Harper and Finley, nine.

Lisa Marie is mom two kids - Riley Keough, 28, and Benjamin Keough, 25 - with ex husband Danny Keough.
Ouch: According to the documents most of Presley's debt is from unpaid taxes from 2012 to 2015 which totals more than $10million
+4

Ouch: According to the documents most of Presley's debt is from unpaid taxes from 2012 to 2015 which totals more than $10million

According to The Wrap, she has already paid five installments from March until July of $10,000 to pay for his legal expenses - which was court ordered.

She does not have to pay spousal support.

They had signed a post nuptial agreement in 2007, which in January, Michael asked to get torn up.

The document said that neither party, in the event of a divorce, will lay claim to the other person's assets.

One month after his request, Lisa Marie claimed that he 'was discovered to have hundreds of inappropriate photos' allegedly on his computer and facing 'allegations of sexual abuse and neglect.' His lawyers have denied all of the allegations, according to People.

The website adds that The Tennessee Bureau Of Investigation investigated the claims but didn't file any charges or open an official case.

Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

LOS ANGELES (Reuters) - Lisa Marie Presley, the only daughter of Elvis Presley, says she is facing financial ruin and has filed a $100 million lawsuit accusing her former business manager of negligence and mismanaging her finances.

Her ex-manager has filed his own lawsuit, accusing Presley, 50, of squandering her famous father’s inheritance because of her lavish lifestyle. The lawsuit seeks $800,000 in unpaid bills.

The dueling lawsuits, filed earlier this week in Los Angeles Superior Court, follow the collapse in 2016 of Presley’s fourth marriage and her announcement that she was $16 million in debt.

Presley was just 9 years old when Elvis died in 1977, leaving her his sole heir. Her affairs have been managed by Barry Siegel since 1993, when she came into her inheritance through a trust.

Her lawsuit said Presley’s “11-year odyssey to financial ruin” began in 2005 and alleged that as result of Siegel’s actions, “Lisa has been damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million.”

The 2005 deal she was referring to involved income from Elvis’ former home Graceland and his intellectual property rights.

The lawsuit said that by 2016, the trust was left with $14,000 in cash and over $500,000 in credit card debt.

Siegel’s lawsuit said Lisa Marie has “twice squandered” her inheritance and she had been repeatedly told to curb “her spendthrift ways.”

Siegel’s attorney, Leon Gladstone, said in a statement on Friday that the 2005 deal Presley was complaining about “cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years.”

“It’s clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions,” Gladstone said.

Presley launched her own career as a singer in 2003 and has released three albums to mixed success. She is better known for her two-year marriage to singer Michael Jackson and her 108-day marriage to actor Nicholas Cage.

Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

Lisa Marie Presley and her financial manager Barry Siegel are in a legal battle after it was revealed that she’s $16.7 million in debt — Presley going after his “reckless and negligent mismanagement” of her inherited estate and Siegel claiming she “squandered” her own fortune due to her “excessive spending” habits.

According to two sets of documents obtained by PEOPLE and first published by The Blast, both are pointing fingers and demanding big bucks from the other.

In Presley’s case, she claims Siegel spent 11 years whittling down the $100 million trust she inherited after the death of her father Elvis Presley in 1977 to just $14,000, dissipating her wealth “through his reckless and negligent mismanagement and self serving-ambition.”

Much of that, she alleges, began in 2005 when Siegel sold 85 percent of her interest in Elvis Presley Enterprises in order to align himself with a famous investor tied to the holding company of American Idol. When that didn’t pan out, Presley alleges he began liquidating her assets in order to supplement the trust income without informing her, putting “his own best interests ahead of her in order to put himself in proximity to [the investor] and his celebrity circle.”

Siegel also allegedly bought a $9 million English home using the trust’s money, pledging the entire trust as collateral when he couldn’t make the $6.7 million balloon payment.

By 2016, Presley claims Siegel had liquidated almost all of the trust’s remaining principles — especially after the Idol holding company went bankrupt. Her trust was left with $14,000 cash and over $500,000 in credit card debt, according to the documents.

She’s suing for breach of trust, negligence, constructive fraud, and “recompense for the tens of millions of dollars that Siegel… cost her through reckless mismanagement.”

Meanwhile, Siegel’s countersuit claims Presley “twice squandered” her father’s fortune after she inherited it in 1993 and is “looking to blame others instead of taking responsibility for her actions.”

After Elvis’ death, his ex-wife Priscilla was the one who rescued Elvis Presley Enterprises from near bankruptcy, according to his documents — bringing in a CEO and turning Graceland into a money-making tourist attraction. But Siegel claims her daughter misused that.

“[Lisa] was rescued from insolvency by a deal she now calls fraudulent and self-serving,” Siegel’s suit says. “After becoming wealthy again, she dissipated her second fortune over the next 10 years. As she spiraled downward personally, she refused to listen to the warnings of her most trusted advisors and her family. Unfortunately, she has only herself to blame for her financial and personal misfortunes. … [Her] continuous, excessive spending and reliance on credit far exceeded what the Trust could pay her from income alone.”

Siegel and his company Providence Financial Management are suing Presley for $800,000 in damages. Siegel’s lawyer, Leon Gladstone, defends their actions in a statement to PEOPLE.

“It’s clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions. The 2005 deal she is complaining about now cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years,” he says. “My clients, Barry Siegel and Provident Financial Management, stuck by her and in return, Lisa Marie stopped paying them and is now blaming them for her uncontrollable spending habits. We are confident people will see through the talk and we will prevail in our case against her.”

Reps for Siegel did not immediately respond to PEOPLE’s request for comment, but Presley’s legal counsel told PEOPLE in a statement that he “predictably responded to Ms. Presley’s lawsuit with false personal attacks in the press.”

“It is sadly consistent with his past behavior that he is now trying to pin the blame on Ms. Presley for the harm he caused the Presley estate,” Amjad M. Khan of Brown, Neri, Smith & Khan LLP, counsel for Ms. Presley, wrote. “Ms. Presley has paid Mr. Siegel well over $7 million in professional fees in just the past 10 years, and in return he has only caused her financial ruin. Now he has the audacity to sue her for $800,000 more. Mr. Siegel was not only Ms. Presley’s business manager, he was the trustee of the Presley estate — so it was his legal obligation to make sure the estate was managed properly. This was Mr. Siegel’s responsibility, not Ms. Presley’s. This is what he was paid and trusted to do, and he entirely failed to live up to his obligations.”

Khan continued, “He conned Ms. Presley into believing he was competently managing the estate when in reality he was just serving his own interests. Eventually, though, Ms. Presley discovered the truth and fired him and his company, Provident Financial Management. Ms. Presley regrets that legal action is necessary, but she must hold Mr. Siegel and Provident accountable for the harm they have caused the Presley family.”

Earlier this month, court documents relating to Presley’s ongoing divorce from Michael Lockwood revealed she owes debts in a number of areas, including income taxes, a defaulted mortgage and credit card bills.

Presley states she currently receives a monthly salary of $4,361 from her father’s estate, as well as $100,000 in dividends and interest from investments.

Lockwood, Presley’s fourth husband, married her 2006. The pair welcomed their twin daughters Harper and Finley in 2008 before the Graceland successor filed for divorce in June 2016, citing irreconcilable differences and claiming Lockwood was a poor father and “took advantage” of her financially.

Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

Originally Posted by barbee0715

Wasn't she talking about bad management and hangers on that were going through her money and that's why she left California behind to live in England?? I seem to remember that from the Oprah interview that she did a few years back.

Is this the same money problems that she had back then? And the same "bad people"?

I don`t remember that she ever spoke about financial problems or a bad management for herself, in contrary she allways told people that she sold Elvis rights in order to extend his legacy, lol.
I don`t think that she has a chance in her lawsuit and I kind of believe she had a real bad handling with money and a bad spending behaviour. I think it will be likeley to proove if there were warning letter to her for this behaviour.

I also think Lookwood does not have a chance to get big money from her. When he has signed this prenup it`s over. Saying he was forced this to do how will he proove?, well he could have leave her at that time allready instead of living from her money in the all the following years after signing it.

Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

If these cases go to trial, its gonna be really interesting to see what kind of evidence from both sides will be presented. Also I can't think of any recent cases invoving fraud etc on this massive scale where a celeb has filed a lawsuit against a bussiness manager, as high profile as Siegel and won. It's a wait and see.

With the Lockwood situation unless he has real proof that he was forced to sign that post-nup, I agree with you I just can't see him winning. Also I don't believe that he is broke. He may no longer be Lisa's hubby No 4 now that he has a younger high profile girlfriend who works in the biz...but he sure wants to continue living that lifestyle he has enjoyed for 10 years.

Shana Mangatal posted a following photo about a supposed marriage bonding affair of the couple with the caption:

"Look what I just found! A message I took from Lisa Marie Presley to Michael's manager and my boss, Sandy Giller. She called and Sandy told her she'd call later. She told me he should call her in an hour!

I wrote this message so that I remembered to add it to Sandy's call list. Lisa was always patient when I made her wait for a long time, trying to talk to Sandy or to Michael.

When Michael was introduced to the release and marketing of the HIStory album, Lisa called several times. Each time, I had to interrupt the meeting he was having with the heads of Epic Records [Dave Glew and Michelle Anthony] to deliver a note that she was on the phone. I was so embarrassed to upset her important meeting.

It's crazy that now the HIStory album is literally part of Michael's legacy and history. This message was made on April 2, 1996. "

Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

Lisa Marie Presley and her former business manager tried to resolve their differences over her depleted fortune privately before she broke a confidentiality agreement and went public, according to a lawsuit filed against her.

The suit, filed last Wednesday in Los Angeles County Superior Court, is one side of a bitter legal dispute between Elvis Presley's only child and her former business manager, Barry Siegel.
As reported previously, Presley also has sued and claims her $100 million fortune is down to $14,000 because Siegel acted in his own best interests in making business decisions about how to spend her money. She claims "reckless and negligent mismanagement" in losing tens of millions of dollars and wants repayment.

The counter suit on behalf Provident FM LLC, through which Siegel managed Presley's interests, paints a different picture. The suit says Presley was kept informed of how her money was being spent but twice lost a fortune because of out-of-control spending she now wants to blame on others.

A closer look at the Provident lawsuit describes years of wild spending and a failure to heed warnings, while at the same time ignoring an agreement to resolve the feud out of the public eye.

The ugly and high stakes dispute was supposed to be discussed privately under a confidentiality agreement, according to the Provident suit. It says the two sides agreed to hold off on legal action pending an attempt to work things out, and that the agreement was extended until last week, Feb. 21.

Sometime around Feb. 14, however, the suit claims Presley and her representatives breached the agreement by a public filing that Provident says made the false allegations against the firm contained in her lawsuit.

Subsequently, she refused to privately arbitrate the disputes, as she had previously agreed," the suit charges.

At that point, the claims and counter claims began flying in public.

Presley charged that Siegel sold 85 percent of her interest in Elvis Presley Enterprises so he could align himself with a famous investor with ties to the holding company of the "American Idol" TV show. She claims that after that venture didn't work out, he began liquidating assets to supplement the trust without telling her.

She also claims Siegel bought a $9 million English home with money from her trust fund and pledged the trust as collateral when he couldn't make a $6.7 million balloon payment.

By 2003, the lawsuit says, the trust fund was underwater to the tune of millions or dollars. It says Lisa Marie asked at that point for Provident to help her find more cash. The only solution that appealed to her was selling EPE stock. Consequently, 85 percent was sold, as both sides agree.

"This transaction yielded a fantastic outcome for the Trust," the lawsuit says. The sale netted $40 million in cash after taxes and stock valued at more than $20 million with a guaranteed 8 percent dividend, plus another $500,000 of preferred stock.

The result, according to the suit, was to return EPE from insolvency, give Lisa Marie the cash she needed and a yearly cash flow of millions without touching the the principal in the trust fund.

But after the deal closed, the suit says Lisa Marie "immediately resumed her spendthrift ways, spending tens of millions of dollars, far more than she was receiving in annual income, in the first few years alone."

"Over time," the suit says, "Lisa spent not only her income from the Trust, but most of its principal, and, to the extent she didn't spend the assets, she encumbered them."

Finally, the suit adds, Presley "knew exactly what she was doing and the effect it had on the remaining Trust principal. At a minimum, each year she met personally with her Provident business managers to review and discuss her finances in detail."

Leon Gladstone, the attorney representing Provident and Siegel, said last week it was "clear Lisa Marie is going through a difficult time" and she was responding by blaming others.

"My clients, Barry Siegel and Provident Financial Management, stuck by her and in return, Lisa Marie stopped paying them and is now blaming them for her uncontrollable spending habits."

Elvis‘ daughter gave a deposition on August 30, 2017 in her bitter divorce and it was there that she revealed the depths of her drug addiction and multiple visits to rehab to treat her problem.
Presley admitted she had a “drug problem” for the “last three years” of her marriage to Michael Lockwood, stretching from June 2013 to June 2016.

“I had to go to rehab several times. I was a mess . I couldn’t stop,” she said in the bombshell documents obtained by Radar.

She explained that she was addicted to “painkillers and opioids” and that she drank but alcohol was not her “favorite thing.”

“The last year of our marriage , I was abusing cocaine terribly,” Presley said. “It was bad, yeah.”

She explained that she “didn’t mix the pills and alcohol until like the last two years.”

Presley said that she went to rehab “in Mexico three or four times,” then said she may have gone five times in the last few years of her marriage.”

Presley and Lockwood were locked in a nasty legal battle and fighting over her vast fortune, which was estimated at $100 million from her late father’s estate, Elvis Presley Enterprises, but she filed a lawsuit claiming that her business manager squandered the money, leaving her with only $14,000 in cash and $500,000 in credit card debt.
------------------------------------
Aren't these docs suppose to be confidential, especially during the custody case in which Lisa is currently appealing? I wonder who is leaking this to Radar?

Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

In October 1994 I organised a special tour to Memphis for Dutch Elvis Fans to attend the Elvis Aaron Tribute Concert in the Pyramid. We were aware of the fact that Michael Jackson and Lisa Marie Presley would be present. Through my contacts at Graceland, I informed if there would be a possibility to meet the couple. But, they told me that that would be impossible. No person could meet the famous couple. We met in Memphis all kind of other famous artists and stars. On October 8th, we attended the concert in the Pyramid and, indeed, Michael Jackson & Lisa Marie Presley were introduced by John Stamos to the audience. They were there with Priscilla Presley and Janet Jackson. The audience went mad and this was a special moment. This tribute concert was one of a kind and very special. We met in our hotel, the former Ramada Inn down at Union Avenue, a mother who was there with two children. One of the children was suffering cancer and the child would be treated at the St. Judes Hospital in Memphis. It was very hard to see that young girl, knowing that her life would end soon. Later, during our stay in Memphis, we visited a record-store in Memphis. Suddenly we were surprised and astonished. Who walked in that store? Michael Jackson and Lisa Marie Presley with a couple of body-guards! Of course my group went crazy, but I told them to keep quiet. I walked to one of the bodyguards and told him that I was a travel-agent and had 14 Dutch Elvis Fans with me and asked if it would be possible to take a picture from Michael and Lisa Marie. The body-guard went to Michael. Talked with him shortly, returned to me and asked; “where you from?” I responded “Holland, the Netherlands”. Again, the bodyguard went to Michael and spoke shortly with him, returned to me and said; “No problem to take a picture, but let them first alone and do their shopping.” After a while, the bodyguard came up to me and told me that we could take some pictures. We took our cameras and position to take some pictures. Michael and Lisa Marie stood posing for us. Suddenly, the bodyguard came up to me and said; “What are you doing?” I was surprised and answered; “You told us, it was alright to take some pictures?”. The man answered; “Yes, but you can also say hello and talk with them.” So, the strange thing happened. We met Michael Jackson and Lisa Marie Presley. We talked with them for more than 20 minutes, could take pictures and let them sign cd’s. I spoke with Michael and I told him that I attended two of his concerts in ‘De Kuip’ in Rotterdam in 1988. He answered; “Oh, yes Amsterdam”. But later he himself corrected it in said; “No, no it was Rotterdam.” Also he was amazed that I knew that his tricks came from Siegfried and Roy. It was all amazing. He was shy, but relaxed. We could take pictures and also to the other people from my group, he was friendly. With Lisa Marie I spoke about the fact that I organised tours fro Dutch Elvis fans to Memphis and that I met her mother, Priscilla, a couple of times and the first one, was in Amsterdam. Other people were not allowed to come nearby and were surprised why we could talk with Michael and Lisa Marie. After more than 20 minutes we said goodbye and the couple left the store and left us behind. We went immediately to a photo shop and let our special photos printed. This was amazing. In Holland the news spread and we reached the media. The next day, I went by at Graceland. Bridget, receptionist at the office at that time, welcomed me and I showed her the pictures. She almost fell of her chair. “Wow!” And she screamed and yelled. I gave her one of the pictures. Later, I learned, that she placed the picture on her office-desk and that Priscilla Presley noticed this and also wanted a copy of that picture. Our meeting with Michael and Lisa Marie was special. We were the only people, who were allowed to meet and talk with them. But, I already mentioned the woman who was in the hotel with her little girl! The last evening in Memphis, my best friend, Gerwin, came in the room late in the evening. I was already asleep and wondered what he was doing with that woman. He woke me up and I saw that the woman was crying. Gerwin told me that I must do something and arrange some things. First I didn’t understand what he was talking about. Then came the story. Michael Jackson and Lisa Marie Presley visited the St. Judes Hospital in Memphis and had also little gifts for the children. They also gave the little daughter of the woman we had met in our hotel a Barbie. But, this doll was stolen and although the girl was only 3 or 4 years, she knew that this was something special and she cried, cried and cried. Giving her just another doll would be no option. My friend knew I had my contacts at Graceland and wanted me to do something for this little girl. At that moment I could do nothing and early that next morning we flew back to Amsterdam. We gave that mother a couple of the pictures of our meeting with Michael and Lisa Marie and I told her, that I would try to do anything to take care of this matter. Back in Holland, I immediately send a fax to Patsy Andersen, at that moment PR Manager of Graceland, and explained the story. She told me, she would try to contact Michael Jackson as soon possible. Every day, my friend Gerwin, asked me if I already had heard something. I told him that it would be probably easier to get in touch with the President of the USA, than with Michael Jackson. On Christmas Eve, 1994, my telephone rang. It was Bridget from Graceland. For me it was not uncommon that I was called by Graceland and I thought that they wanted to wish me a Merry Christmas. I spoke shortly with Bridget and she connected me with Patsy. Patsy told me that she had good news and bad news. The good news was that Michael finally responded and had sent a box with gifts for that little girl. Patsy immediately went to the hospital. When she came to the St. Judes Hospital she learned that the little girl passed away, the day before! Patsy traced through the hospital the address from the mother. Patsy informed Michael Jackson. As I learned later, Michael received this shocking news and sent another package with gifts to the mother and the other child and also he called himself that woman. He apologized and spoke a long time with that woman. This is a very rare, but real, story about the other side of Michael Jackson and I wish I could get in contact again with that woman.